Job additions slow down despite record employment in South Korea
Employment in South Korea has reached an all-time high, but the rate of South Korea’s job additions has continued to slow down following a brief rebound in March, according to data compiled by Statistics Korea.
The country’s on-year job additions had been slowing down for nine consecutive months before rebounding in March 2023, when they rose 469,000 on-year. An additional 354,000 jobs were added in April, reported The Korea Bizwire.
By May this year, the employment rate rose to 28.83 million, up around 351,000 from a year earlier and reaching a new high. The overall increase in employment was led by those aged 60 and above, with the number of jobs for the group rising 379,000 over the period. Employees in their 30s and 50s also contributed to the rise in employment, with both rising to 70,000 and 49,000 respectively.
Younger South Koreans, however, are still finding their footing in the job market, as jobs taken up by employees in their 20s fell by 63,000, while the number of employees in their 40s fell to 48,000. Employees aged 15 and above, however, rose to 63.5% amongst their age group, up 0.5% from the year before. Overall, the employment rate for employed South Koreans rose to 69.9%, the highest for the month of May since 1989.
“The rising demand for caretaking services, along with the recovery of outdoor activities, has led to an increase in the number of employed people,” an official from Statistics Korea explained.